Edge AI Market - Forecasts from 2024 to 2029

The global edge AI market is expected to grow at a CAGR of 25.90%, reaching a market size of US$76.066 billion in 2029 from US$32.569 billion in 2024.

Edge computing and artificial intelligence (AI) technology are combined to create edge AI. With the help of this solution, several AI algorithms with edge computing capabilities can operate locally on devices for vital applications. This solution enables local devices to process data in real time without internet access. Company sectors such as automotive, manufacturing, healthcare, energy and utility, consumer goods, IT, and telecom are making use of these gadgets. Edge AI enables fast data processing, leading to real-time information processing on the Internet of Things (IoT) gadgets. Instead of being stored in the cloud, edge AI stores the data required to apply AI locally on the device or a nearby server.

Multi-Access Edge Computing architecture provides networking, storage, and processing capabilities at the edge of the network, near end users and end devices. Virtual devices, as opposed to actual edge computers, are utilized in MEC Edge AI use cases to process camera video streams over a 5G connection. For instance, in February 2023, Dublin City University in Europe and Cellnex Ireland, a European provider of wireless telecom infrastructure, worked together to develop a 5G-enabled smart campus. Cellnex installed a range of telecommunication infrastructure on the campuses as part of this partnership to enable Mobile Edge Computing (MEC) capabilities and guarantee 5G coverage throughout the main campus.

Edge AI market drivers

Increasing demand for edge AI in the healthcare industry is anticipated to propel the market growth

The healthcare industry is seeing a sharp rise in AI applications because these technologies yield accurate results. Applications include electroceuticals, robotics-assisted surgery, image analysis, and virtual diagnostics.

These instruments enable doctors to consult with patients remotely and assist healthcare organizations in analyzing health data. Additionally, edge-based cybersecurity is employed to protect private medical information.

The major market players are attempting to organize and create new technological advancements. Furthermore, the healthcare sector will benefit from the high performance and acceleration provided by the integration of this technology. For instance, Nvidia extended the use of its Edge Artificial Intelligence technology for robotics and healthcare in September 2022. The Nvidia IGX Platform aims to accelerate performance and extract real-time insights for use in both industrial and medical use cases.

Edge AI market geographical outlook

North America is witnessing exponential growth during the forecast period

The rapid expansion of North American markets can be attributed to companies in the region adopting sophisticated technologies like AI and machine learning.

Moreover, AI technology is getting national attention from the U.S. government as its main goal. For example, in March 2024, the AI solutions provider Innodisk demonstrated its expertise in integrating edge AI at NVIDIA GTC in the United States. With a focus on delivering customizable AI solutions available to various industries, Innodisk actively shares its research and real-world edge AI implementations globally. The company highlights useful applications across industries by showcasing how its camera modules seamlessly integrate with NVIDIA's specialized AI visual technology.

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Report Coverage:

• Historical data & forecasts from 2022 to 2029
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
• Competitive Positioning, Strategies, and Market Share Analysis
• Revenue Growth and Forecast Assessment of segments and regions including countries
• Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The global Edge AI market is analyzed into the following segments:

By Component

• Services
• Solutions

By Data Sources

• Mobile Data
• Sensor Data
• Biometric Data
• Speech, Video, and Image Recognition

By Application

• Video Surveillance
• Access Management
• Autonomous Vehicles
• Energy Management
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Others